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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress, and was published on Mar 17, 2015.
Regulatory Improvement Act of 2015
Establishes in the legislative branch the Regulatory Improvement Commission.
Requires the Commission to evaluate and makee recommendations and propose legislation for modification, consolidation, or repeal of regulations that have been finalized not later than 10 years before the establishment of the Commission (covered regulations) for the purpose of reducing compliance costs, encouraging growth and innovation, improving competitiveness, and protecting public safety.
Requires the Commission to give priority to covered regulations that: (1) impose disproportionately high costs on a small entity, (2) create substantial recurring paperwork burdens or transaction costs, or (3) could be made more effective while reducing regulatory costs.
Sets forth reporting requirements for the Commission and procedures for congressional consideration of Commission reports and recommendations and proposed legislation.